GOP Lawmakers: Government ‘Intimidating’ Online Lenders

WASHINGTON — House Republicans are accusing government officials of “intimidating” banks and electronic payment processors into to ceasing doing business with some online lenders.

In a letter sent last week to the Department of Justice and Federal Deposit Insurance Corp. that was reviewed by the Wall Street Journal, 31 GOP lawmakers accuse the government agencies of trying to cut off a legitimate business activity – high interest loans made over the Internet.

The letter comes after the Journal reported earlier this month that the Justice Department has issued a series of suboenas to banks and payment firms that service numerous businesses, including online lenders.

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